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Watch for Continued Losses in Shares of Spirit Airlines (SAVE)

By David Diaz

Shares of Spirit Airlines (NYSE:SAVE) traded at a new 52-week low today of $33.05. This new low was reached on below average trading volume as 499,000 shares traded hands, while the average 30-day volume is approximately 1.2 million shares.

Over the past year, Spirit Airlineshas traded in a range of $33.05 to $60.40 and are now at $33.06. The 200-day and 50-day moving averages have moved 0.75% lower and 0.75% lower over the past week, respectively.

Spirit Airlines Inc. is a low-fare airline based in Miramar, Florida. The Airline provides low-cost travel opportunities principally to and from South Florida, the Caribbean, and Latin America. Spirit Airlines basic service combines with a range of optional services for additional fees, targets price sensitive leisure travelers and travelers visiting friends and relatives.

Spirit Airlines (NYSE:SAVE) has potential upside of 102.4% based on a current price of $33.06 and analysts' consensus price target of $66.92. The stock should run into initial resistance at its 200-day moving average (MA) of $46.19 and subsequent resistance at its 50-day MA of $47.60.

SmarTrend recommended that its subscribers protect gains by selling shares of Spirit Airlines on July 21st, 2017 by issuing a Downtrend alert when the shares were trading at $50.03. Since that call, shares of Spirit Airlines have fallen 32.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows spirit airlines

Ticker(s): SAVE